Deloitte Survey: Cognitive Adoption Resulting in Economic Benefits

The report, “Bullish on the Business Value of Cognitive: 2017 Deloitte State of Cognitive Survey,” released by Deloitte shows that early adopters of artificial intelligence and cognitive technologies are reporting strong opportunities for economic gains and job creation.

“There is a concern that ‘the rise of the machines’ will replace human workers, but we should look at how people and machines can work in collaboration as co-bots,” says Deloitte CEO Cathy Engelbert. “The ability to leverage new technologies to retool our workforce will ultimately lead to new opportunities to build high value skills for our workers.”

Contrary to public sentiment, 69% of respondents expect minimal to no job loss within the next three years.

“Organizations today that want to create a cognitive advantage should reimagine when, why and how humans and machines work together to achieve better outcomes,” says Ryan Renner, principal, Deloitte Consulting, and Deloitte’s cognitive advantage leader. “Cognitive technologies are disrupting how organizations conduct tasks, make decisions and complete interactions internally; and with their customers. The true value is created by knowing how to apply the technologies most effectively within the context of your business, marketplace, corporate culture and industry.”

Eighty-three percent of respondents report moderate to substantial economic benefits from AI and cognitive technologies. According to the report, organizations that claimed the greatest economic benefits feel that cognitive should be used for transformational change versus incremental improvements.

More than 1 in 3 (37%) companies have invested $5 million or more in AI and cognitive technologies.

“Cognitive technologies are still maturing, but our study shows that early adopters are experiencing benefits, especially those that have jumped in with both feet,” says Jeff Loucks, executive director Deloitte services, Deloitte center for technology, media and telecommunications. “The more experienced companies are, the more likely they are to see gains. That should provide an incentive for others to get started.”